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Technicals: By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Technical view: Outlook on Nifty
Nifty index has witnessed wild swing’s during the Wednesday’s trade as uncertainties on the US elections weighed in. The index is currently trading in a consolidation phase and is marginally trading below its previous swing top of 11,950 on the daily chart. A break above the mentioned level could resume a fresh impulse move up to our immediate target price of ~12,200 during the November series.
Tech Picks
F&O Strategy:
Rupak De, Senior Research Analyst
Siemens Nov Future ended the session 1.94 per cent higher. On the daily chart, the price has moved above the consolidation zone. On the options front, Call writers have shifted their position from 1360 to 1400 strike suggesting an expiry at around 1400.
Options:
Siemens Bull Call Spread
(Hold till expiry: 26 th Nov 2020)
Buy 1 lot Siemens 26 Nov 1360CE at Rs39.50,
Sell 1 lot Siemens 26 Nov 1360CE at Rs26;
Futures:
Buy Divi's Lab Nov Future at Rs3200-3210
Buy L&T Oct Future at Rs912-918
Commodity Calls:
Rupak De, Senior Research Analyst
Forex Technical:
Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 75.50 levels
GBP/INR Status: Likely to move towards 98.50 levels
Technicals: By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Technical view: Outlook on Nifty
Nifty index has witnessed wild swing’s during the Wednesday’s trade as uncertainties on the US elections weighed in. The index is currently trading in a consolidation phase and is marginally trading below its previous swing top of 11,950 on the daily chart. A break above the mentioned level could resume a fresh impulse move up to our immediate target price of ~12,200 during the November series.
Tech Picks
| Stock | Reco. | CMP | Target | Stop Loss | Note |
| Shriram Transport Finance | Buy | 789 | 830 | 765 | Stock has given a channel pattern breakout above its 200 DEMA on the daily chart. |
| Divi's Labs | Buy | 3196 | 3275 | 3150 | Stock has given a double bottom breakdown on the hourly chart. |
| UPL | Sell (Fut) | 402 | 390 | 410 | Stock has given a consolidation breakdown on the hourly chart. |
F&O Strategy:
Rupak De, Senior Research Analyst
Siemens Nov Future ended the session 1.94 per cent higher. On the daily chart, the price has moved above the consolidation zone. On the options front, Call writers have shifted their position from 1360 to 1400 strike suggesting an expiry at around 1400.
Options:
Siemens Bull Call Spread
(Hold till expiry: 26 th Nov 2020)
Buy 1 lot Siemens 26 Nov 1360CE at Rs39.50,
Sell 1 lot Siemens 26 Nov 1360CE at Rs26;
- Net Premium outflow: Rs 13.5/lot (approx)
- Maximum Loss: Rs 13.5/lot (approx)
- Maximum Profit: Rs 26.50/lot (approx)
Futures:
Buy Divi's Lab Nov Future at Rs3200-3210
- Stop Loss: Rs.3178
- Target: Rs.3267
Buy L&T Oct Future at Rs912-918
- Stop Loss: Rs.900
- Target: Rs.955
Commodity Calls:
Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Dec) | MCX | Buy in range: 51100-51200 Stop loss below: 51000 Target: 51360/51550 |
| Crude Oil (Nov) | MCX | Sell in range: 2900-2950 Stop loss: 3000 Target: 2800/2750 |
| Copper (Nov) | MCX | Sell in the range: 529-530 Stop loss: 535 Target: 525/522 |
Forex Technical:
Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 75.50 levels
- Call for the day: Go long in Nov future around 74.80
- Target: 75.50
- Stop loss: 74.50
GBP/INR Status: Likely to move towards 98.50 levels
- Call for the day: Go long in Nov future around 97.10
- Target: 98.5
- Stop loss: 96.50
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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